Paragraph 6A F1

(1)

A transfer scheme may not transfer property which is subject to a security (other than a floating charge) free of that security except—

(a)

in accordance with an order of the court under paragraph 71 of Schedule B1 to the Insolvency Act 1986 as applied by Schedule 3 or 4, or

(b)

where—

(i)

an amount is attributed to the transfer of the property in the transfer scheme,

(ii)

the secured creditor agrees with that amount, and

(iii)

the secured creditor is paid that amount.

(2)

In sub-paragraph (1), “floating charge” means a charge which is a floating charge on its creation.

Annotations

F1: Sch. 2 para. 6A inserted (28.6.2022) by Skills and Post-16 Education Act 2022 (c. 21), ss. 25(2), 36(2)